Avis 2013 Annual Report Download - page 43
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33
RISKS RELATED TO OUR COMMON STOCK
We face risks related to the market price of our common stock.
We cannot predict the prices at which our common stock will trade. The market price of our common stock
experienced substantial volatility in the past and may fluctuate widely in the future, depending upon many factors,
some of which may be beyond our control, including:
• our quarterly or annual earnings, or those of other companies in our industry, including our key suppliers;
• financial estimates that we provide to the public, any changes in such estimates, or our failure to meet
such estimates;
• actual or anticipated fluctuations in our operating results;
• changes in accounting standards, policies, guidance, interpretations or principles;
• announcements by us or our competitors of acquisitions, dispositions, strategies, marketing affiliations,
projections, fleet costs, pricing actions or other competitive actions;
• changes in earnings estimates by securities analysts or our ability to meet those estimates;
• changes in investors’ and analysts’ perceptions of our industry, business or related industries;
• the operating and stock price performance of other comparable companies;
• overall market fluctuations;
• success or failure of competitive service offerings or technologies;
• tax or regulatory developments in the United States or foreign countries;
• litigation involving us; and
• general economic conditions and conditions in the credit markets.
If any of the foregoing occurs, it could cause our stock price to fall and may expose us to litigation, including class
action lawsuits that, even if unsuccessful, could be costly to defend and a distraction to management.
Our shareholders’ percentage of ownership may be diluted in the future.
Our shareholders’ percentage of ownership may be diluted in the future due to equity issuances, conversion of
our convertible senior notes due 2014 or equity awards that we granted or will grant to our directors, officers and
employees. In addition, we may undertake acquisitions financed in part through public or private offerings of
securities, or other arrangements. If we issue equity securities or equity-linked securities, the issued securities
would have a dilutive effect on the interests of the holders of our common shares. Holders of our convertible
senior notes may also convert their notes into up to approximately 4 million shares of our common stock. In 2013,
we granted approximately 1.2 million restricted stock units and in January 2014, we granted approximately
580,000 restricted stock units. We also expect to grant restricted stock units, stock options and/or other types of
equity awards in the future.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.